The Next Two Months Are Stacked – Here's A Timeline Of Key European And US Policy Events

After a quiet August and the long Labor Day weekend in the U.S. policymakers are looking at a number of crucial policy meetings in September and early October.

This timeline from Goldman Sachs' Stuart Kaiser and David Kostin highlights crucial policy meetings in the next two months that markets are watching:

Goldman Sachs

Kaiser and Kostin offered some notes on what to expect expect from the events in early September. We summarize here:

September 6 - ECB Governing Council meeting: Markets are watching for the size of potential European Central Bank bond purchases and target yields or spread levels for bonds of peripheral European countries. But Goldman Sachs analysts do no expect specific caps on yields or spreads and think the ECB will withhold such targets until the German Constitutional Court ruling.

September 11 - Commission on Banking union meeting: The legal framework for a European banking authority will be presented at this meeting. But the outcome of this meeting will hinge on the role of the ECB the number of banks that would need to be supervised, etc.

September 12 - German Constitutional Court ruling on ESM: The German court is expected to "uphold the legality of the European Stability Mechanism but also set boundaries for further actions that shift power to the European level".

September 12 - 13 - FOMC statement and Chairman's press conference: QE3 will not be announced at this meeting according to Goldman analysts but the committee is expected to keep interest rates low into 2015.